Leading stock exchanges the NSE and BSE today announced extended trading hours for Gold Exchange Traded Funds (ETFs) till 1900 hrs on May 9, on account of Akshaya Tritiya.
Occasions like, Dhanteras, Diwali and Akshaya Tritiya are considered auspicious to buy valuables like gold in India.
Trading in gold ETFs is usually higher on these days. The exchanges will conduct extended trading session on Monday for trading in Gold ETF securities only, the two bourses said in separate circulars.
After the regular market hours from 0915 hrs to 1530 hrs across all segments, trading in gold ETFs will resume at 1630 hrs and continue till 1900 hrs, they added. Gold ETFs track physical market gold prices and each unit of these ETFs is generally equivalent to one gram of gold.
In Gold ETFs, returns are linked to the domestic price of physical gold but spare the investors from the trouble of buying and keeping the yellow metal in physical form.
The extended trading would be allowed in gold ETFs of 13 mutual funds including Axis, HDFC, IDBI, Reliance, Quantum Religare, Kotak and Birla Sun Life.